BNZ reveals how much broker business it has banked

The bank said in its results yesterday that 40% of its home loan flows were coming from mortgage advisers. For the first time ever it has officially revealed the numbers saying $650 million worth of home loans has been written by brokers in the six months to March 31.

These flows have given BNZ "real momentum" in the Auckland market where it had traditionally been under-weight, chief financial officer Adrienne Durante said.

"The big driver is the re-entry of broker".

She said the bank's growth in Auckland was up 12.9% in the six month period and that had contributed to a six basis point increase in home loan lending overall.